glgene
616 posts
msg #54094
- Ignore glgene |
8/15/2007 4:43:34 PM
Well, let' see what the talking heads say tonight on CNBC.
As of today, all 3 major indices are below their 200-day MA:
DIA,,,,, -1.26%
SPY,,,,, -4.31%
QQQQ, -0.54%
SPY went south yesterday. DIA and QQQQ joined today.
Gene
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papawally
19 posts
msg #54112
- Ignore papawally |
8/16/2007 12:31:48 PM
I wouldn't listen to close to the pundits. Most are always bullish. go to www.bigcharts.com and look at a 5 year weekly chart of the Wilshire 500(TMW)with a 40 week moving avarage. You can see that for more than 4 years that this index has drawn back to its 40 week MA 4 other times and then moved back up. Short of a calamity this chart says that the damage is about over. If you look at TMW daily with a 5,50,200 MA the 50 day has not penetrated the 200MA. Watch the 5 DMA, when its slope is 0(horz. line)chances are a up turn is coming.I would pay attention to the daily chart as it says where the general market is.
You can also do a excel chart by weekly close from 3/6/00. Just take the weekly close from 3/6/00 and divide by each weekly close from there. Draw your support and resistance lines and take a look. That tells you where the Nasdaq is. I attempted to attach the chart but.. Cheers
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